The African Development Bank (AfDB) has greenlit a $170 million loan to support Egypt’s private sector development and economic diversification, with a main focus on green growth, according to a press release.

The state will use the loan to implement the second phase of its Support Program for Private Sector Development and Economic Diversification.

The initiative, approved on November 27th, 2024, supports the country's budget for the 2024-2025 period.

The lender had previously granted Egypt $131 million in funding for the program's first phase, executed in 2023-2024.

Korea’s Economic Cooperation Development Fund (EDCF) and the Japan International Cooperation Agency (JICA) contributed to financing the program’s first phase, while the World Bank is contributing to the second phase.

The second phase seeks to advance economic diversification and the green transition while bolstering competitiveness and investment flows.

It is noteworthy that the program aims to reinforce private-sector investment and create employment opportunities for women and young people.

It will also back small and medium-sized enterprises (SMEs), particularly informal ones run or owned by women, by enabling smooth access to the formal sector.

© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).